The recently announced 10-year visa is expected to boost the UAE property market

According to the latest announcement made by H.H. Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, major changes to UAE visa system are in the pipeline.

In fact, some residents will now be eligible for 10-year visas. The longer term visa will be available to specialists in medical, scientific, research and technical fields and their families. 5-year residency visas will also be granted to students studying in the UAE, which will be increased to 10-year visas for exceptional students.

Whereas the UAE are often seen as a place where expats come and work with the intention of returning home within a few years, it will allow some residents instead to make the country their permanent home.

The changes to residency visa regulations will undoubtedly have a positive effect on the UAE economy and in particular on the real estate sector, giving more confidence to the investors and especially to the property owners.

This amendment in the visa regulations will certainly boost the real estate market and encourage more foreign investment, resulting in a more vibrant property industry and less transient expat population who is now more likely to purchase their homes in the UAE.

Government departments have been asked to work on implementing the changes by the end of the year.

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